- Is the Assessment Value a good way to price a home? The short answer is NO. Assessed value is based on a snapshot of the marketplace from the previous July. BC Assessment takes into account proximity sales, aerial and street-front imagery, lot size, and any known improvements like registered building improvement permits. Many home improvements go unknown and unaccounted for in an assessment. Doing home improvements without proper permitting may be a way to avoid assessment increases but remember that a failure to have proper permitting is considered a Material Latent Defect and can affect the home’s value when it comes to sell. All material latent defects must be disclosed prior to accepting an offer.
- Have you and your agent reviewed the property file? Prior to listing or buying any property you and your Realtor should review the property file. Local Municipal City Halls and Regional District offices maintain property files. These files may include original house plans, occupancy and other permitting, Site Surveys, correspondence with home-owners records, and more. File review is one of the best ways to dig into the history of the home and identify any potential pitfalls and opportunities.
- Is this a stigmatized property? Certain events may cause a property to be described as a ‘‘stigmatized property’’, or a ‘‘psychologically impacted property’’. These terms are sometimes applied to a property that has had some circumstance occur in or near it, but which does not specifically affect the appearance or function of the property itself. Examples of these might include: a former resident was suspected of being in organized crime; a death occurred in the property; the property was robbed or vandalized; or that the property is haunted. The significance of these or any other occurrence can be affected by a person’s beliefs, values and perceptions, ethnic and religious background, gender, age, and more. Have this discussion with your Realtor at the outset of your search or listing of properties. In British Columbia, it is important for consumers to know that while sellers and their agents are required by law to disclose material latent defects affecting a property, they are not required by law to disclose the existence of possible stigmas that might be of concern to specific buyers. If you’re buying and have specific concerns have your Realtor ask specific questions and do an online search of the property. The seller and their agent are responsible to answer truthfully or respond with a “we decline to answer that question”, which in itself is an answer.
- Have you read the Zoning Bylaws carefully? Countless buyers and homeowners run amuck because of a failure to review and truly understand the zoning bylaws as they pertain to their property. The Zoning Bylaw is the key tool used in implementing and regulating land use in each Municipality. The Zoning establishes what the land may be used for, where buildings can be built, and at what densities. Bylaws can be found on all Municipal websites for review. Buyers should consider; Do all the current outbuildings meet the setback requirements? Are there any geographic conditions such as Riparian areas that may affect setbacks or the current residence? Does the zoning allow for my future plans?
- Are you prepared for the Buyer and Realtor showing? A Realtor may investigate the electrical panel, hot water tank, crawl space and attics, outbuildings, undercounter plumbing, additional accommodation and more. Make sure to have these areas clear for inspection. They will want to review the PDS (Property Disclosure Statement), title, survey, property features, zoning, and more. Have your agent prepare all of these documents in advance so a buyer can make an easier and informed decision about purchasing your home. And remember the sense of smell is very powerful and is attached to a person’s memories. Strong odors are one of the #1 causes for potential buyers to walk away. The smell of fresh baked cookies really does go a long way.
